The value of its investment portfolio rose by 9% in the year to March.
Joe McTaggart, chief executive of ethical housing trust Walls & Futures REIT Plc’s (LON:WAFR) believes the development element to its projects gives it an edge over its rivals.
W&F does not buy portfolios of properties, but develops itself, which has a number of advantages, he says.
“If you buy a development portfolio with a yield you tend to pay a premium for it,” and that restricts flexibility going forward.
Through its own development, W&F can generate a profit, which protects and increases net asset value.
W&F is also in control of costs, so rather than pay £1mln for a property it can acquire for £650,000 something that also allows it to be more competitive on the rents it charges.
The value of its investment portfolio rose by 9% in the year to March.
Profits over the year were £45,400 with shareholders funds rising to £3.25mln from £2.98mln.
On a per share basis, net assets rose to 92p from 90p.
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